OFG Bancorp (NYSE:OFG) Stock Position Decreased by Allianz Asset Management GmbH

Allianz Asset Management GmbH cut its holdings in OFG Bancorp (NYSE:OFG - Free Report) by 36.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 20,700 shares of the bank's stock after selling 11,930 shares during the period. Allianz Asset Management GmbH's holdings in OFG Bancorp were worth $828,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of OFG. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of OFG Bancorp in the 4th quarter worth $7,289,000. Bridgeway Capital Management LLC purchased a new position in shares of OFG Bancorp in the 4th quarter worth $5,205,000. Foundry Partners LLC raised its position in shares of OFG Bancorp by 76.5% in the 4th quarter. Foundry Partners LLC now owns 237,264 shares of the bank's stock worth $10,041,000 after buying an additional 102,841 shares during the period. Tudor Investment Corp ET AL raised its position in shares of OFG Bancorp by 139.1% in the 4th quarter. Tudor Investment Corp ET AL now owns 176,517 shares of the bank's stock worth $7,470,000 after buying an additional 102,680 shares during the period. Finally, Voloridge Investment Management LLC raised its position in shares of OFG Bancorp by 138.8% in the 4th quarter. Voloridge Investment Management LLC now owns 149,709 shares of the bank's stock worth $6,336,000 after buying an additional 87,024 shares during the period. 92.73% of the stock is currently owned by institutional investors and hedge funds.

OFG Bancorp Stock Up 0.8%

Shares of OFG stock traded up $0.32 during trading hours on Monday, hitting $42.10. 22,341 shares of the company were exchanged, compared to its average volume of 337,141. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.84 and a current ratio of 0.87. OFG Bancorp has a one year low of $33.15 and a one year high of $47.66. The business's 50-day simple moving average is $42.80 and its two-hundred day simple moving average is $41.33. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 9.92 and a beta of 0.77.

OFG Bancorp (NYSE:OFG - Get Free Report) last issued its earnings results on Thursday, July 17th. The bank reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.10. OFG Bancorp had a net margin of 22.06% and a return on equity of 14.97%. The firm had revenue of $182.20 million for the quarter, compared to analysts' expectations of $181.50 million. During the same quarter last year, the company posted $1.08 earnings per share. OFG Bancorp's revenue was up 1.6% on a year-over-year basis. Sell-side analysts predict that OFG Bancorp will post 4.18 EPS for the current fiscal year.

OFG Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. OFG Bancorp's payout ratio is currently 28.30%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on OFG. Keefe, Bruyette & Woods increased their target price on OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. Wells Fargo & Company increased their price target on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Hovde Group lowered their price target on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Piper Sandler lowered their price target on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a report on Thursday, April 24th. Finally, Wall Street Zen upgraded OFG Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, OFG Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $47.50.

About OFG Bancorp

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.